JP Morgan has recruited a new head of US power and natural gas trading in its global currency and commodities group and plans to add 40 more staff in a move to grab more market share in energy.

Foster Smith comes to the bank from Deutsche Bank where he managed US power and natural gas trading. He also has experience trading in both physical and financial natural gas. Smith replaces Trevor Woods who left the company after only three months following a shakeup of the department. Robert Flicker, JP Morgan's chief operating officer for US energy, and gas traders Chris Malone and Brendan Connellan also resigned last month.